Real Estate
- The news you choose »
- Login to Add to Watchlist
Categories
Abu Dhabi residential city nears completion
The Abu Dhabi Municipality has said it will complete by next month the Dhs651m infrastructure works of a residential city for workers in Al Mafraq, Gulf News has reported. A private company is developing the residential buildings for the workers, a municipality spokesperson said. Once construction of the accommodation for the workers is completed, private firm will be able to rent the space for their workers, the spokesperson added.
Burj Dubai enters final leg of construction
Dubai-based developer Emaar has said that the dismantling of the last of three high-altitude cranes used in the Burj Dubai construction indicates the world's tallest tower is nearing completion. Having also completed the external cladding recently, the Burj Dubai construction team is now concentrating on the interiors and landscaping in preparation for the January 4, 2010 opening, the developer said.
Nakheel begins handover of Marina Residences
Dubai's master developer, Nakheel has said it has started a phased handover of 980 units at Marina Residences, Palm Jumeirah. The waterfront development features six residential towers containing 980 units, 940 of which are a mix of apartments and penthouses.
Egypt's Palm Hills Q3 profit drops 27%
Egypt's Palm Hills Development has reported a 27% drop in net profit for the third quarter. The firm made a net profit of 133.2 million Egyptian pounds in the third quarter, compared to a previously stated profit of 182.5 million pounds a year earlier. Net sales were 303 million pounds. The firm said this figure, compared to 242 million pounds in the second quarter, marked good progress amidst the challenging economic enviornment.
Deutsche initiates coverage on Saudi developers
Deutsche Bank has initiated coverage of Saudi developers Saudi Real Estate and Dar Al Arkan with 'buy' ratings, citing a fast-growing population and declining household size to fuel housing demand, Reuters has reported. The brokerage set a price target of SR33.8 on Saudi Real Estate and a target of SR21.2 on Dar Al Arkan.
Arabtec rated 'neutral' at UBS
Swiss lender UBS has rated Arabtec, the UAE's largest construction company, 'neutral' in new coverage. The 12-month price estimate for the company's shares was set at Dhs3.4, the bank said in a statement.
Ezdan may sell part of portfolio to Malaysian trust
Qatar's largest property developer by market value, Ezdan Real Estate Co has said it aims to sell part of its property portfolio by year-end to a Malaysian-based real estate investment trust to finance new projects, Reuters has reported. 'They will buy the property from us and we will manage it for them with a fixed return,' Ezdan's managing director Hesham el-Sahtary told the news service. 'The plan is to launch it in Malaysia as an international fund and we hope to conclude it this year.'
KFH: Kuwait real estate demand returning
According to a report by Kuwait Finance House, the country's real estate market, especially the investment property sector, is gradually recovering with high demand by investors looking to achieve regular revenues, Kuna has reported. Total real estate investments grew to KD150.7m in the third quarter of this year, the report said. The report also lauded a recent decision by the Kuwaiti cabinet to ban building in four new housing cities where infrastructure is still incomplete, saying it has added 'a fresh dimension to the housing movement in the country.'
Japanese contractors 'owed billions'
Seiichi Otsuka, the Japanese consul general in Dubai has said that Japanese construction firms are owed billions of dollars on projects which include the Dubai Metro and Palm Island, The National has reported. A consortium led by Mitsubishi Heavy Industries (MHI) had executed the construction of the Dubai Metro and some other contracts and is still awaiting payment, Otsuka said.
Dubai waits for strata law
A law that would legalise independent homeowners' associations in Dubai and would allow properties to be managed independently remains pending, The National has reported. Chief executive Peter Crogan of BCS Strata Management Services, a property management firm was quoted saying, 'We had three or four release dates when we thought that it was coming out, and none of us are any the wiser.' No response from Dubai Real Estate Regulatory Agency or Rera has been reported regarding the issue.
Burj Dubai opening postponed until January
Emaar has announced that the Burj Dubai development, which was scheduled for inauguration on December 2, the UAE's National Day, will now open on January 4 2010 - the anniversary of Sheikh Mohammed bin Rashid Al Maktoum's becoming ruler of Dubai.
Jordan real estate trades down 31%
According to figures by Jordan's Department of Land and Survey (DLS), real estate trading during the first 10 months of 2009 dropped by 31% to JD3.7bn from JD5.4bn during the same period of 2008, the Jordan Times has reported. Sales of residential apartments declined to 16,710 units from 18,723, but demand was higher during the third quarter of this year compared with the previous two quarters. Property purchases by non-Jordanian investors accounted for JD221m during the first 10 months compared with JD155m for the same period of 2008. Iraqi nationals ranked first with JD108m followed by American and Saudi investors, accounting for JD18m and JD17m respectively, according to DLS.
Deyaar to develop retirement communities
Markus Giebel, CEO of Deyaar Development, said the company will allocate a third of its holdings to 'problem-solving' housing such as retirement communities to counter waning demand for real estate in the UAE, Bloomberg has reported. Deyaar will offer the units to elderly foreigners attracted to the region's warm climate, Giebel told reporters in Abu Dhabi.
Dubai property prices up 7% in Q3
A new report by Colliers International has found that Dubai house prices climbed 7% in the third quarter, marking their first increase since the downturn in real estate began in 2008. However, property prices in the emirate are still about half of what they were a year ago, and prices could fall even lower as 34,000 residential units are expected to come online in the city in 2010 and 2011, the study warned.
Drake and Scull 9-month profit nearly doubles
Dubai-based contractor, Drake and Scull International has said its net profit for the first nine months of 2009 had climbed by nearly 50% to Dhs239m, compared with the same period in 2008. Revenue for the same period in 2009 rose to Dhs1.4bn from Dhs1bn in 2008. Net profits for the third quarter of 2009 stood at Dhs71m, while revenues amounted to Dhs400m for the same period.
It looks like you are using a Mac - check out our 
Web Feeds